Fitch Affirms Nemours Foundation (FL) Series 2009A, B & C Revs 'AA+'; Outlook Stable.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. affirms the following series of revenue bonds issued by the Orange County Health Facilities Authority, FL (the authority) on behalf of The Nemours Foundation The Nemours Foundation is a non-profit organization established in 1936 from the 1935 Alfred I. duPont Testamentary Trust [1]. During his lifetime, Alfred I. du Pont was a successful industrialist, prolific inventor, published musician and quiet benefactor to a multitude (Nemours): --$167 million series 2009A 'AA+'; --$100 million series 2009B 'AA+' (underlying); In addition, Fitch affirms its long-term rating of 'AA+' and assigns a short-term rating of 'F1+' to the authority's approximately $25.6 million revenue bonds, series 2009C-1 and $24.4 million revenue bonds, series 2009C-2 to be issued on behalf of Nemours (together with the series 2009A, 2009B, and 2009 bonds). With respect to Nemours' total outstanding parity parity or space parity, in physics, quantity that refers to the relationship between an object or process and the image that it can produce in a mirror. debt, Fitch affirms its long-term 'AA+' rating on the foundation's series 2005 revenue bonds issued by the Delaware Health Facilities Authority, as well as its long-term 'AA+' and short-term 'F1+' rating on the foundation's series 2007 revenue bonds issued by the Jacksonville (FL) Health Facilities Authority. Revenue bonds represent an unsecured, general obligation of Nemours. The Rating Outlook is Stable. Simultaneously, Fitch withdraws its 'AA+/F1+' rating originally assigned to the authority's $50 million revenue bonds, series D, which were anticipated to be issued on behalf of Nemours but were not issued due to changes in the structure of the series 2009 bonds. Fitch originally assigned ratings to the authority's series 2009A fixed-rate and series 2009B, 2009C and 2009D variable-rate bonds on Sept. 21. The bonds were to be issued on behalf of Nemours in the total par amount of $328 million. As a result of market conditions, the par amount of the series 2009A fixed-rate bonds was subsequently increased from $128 million to $167 million, replacing a portion of the expected variable-rate segment of the series 2009 bonds expected to be secured by a letter of credit. The current series C variable-rate bond consists of two tranches Tranches A piece, portion or slice of a deal or structured financing. This portion is one of several related securities that are offered at the same time but have different risks, rewards and/or maturities. "Tranche" is the French word for "slice". , series 2009C-1 and series 2009C-2, both of which will be supported by the internal liquidity of Nemours. The series 2009A bonds were sold on Sept. 30. The variable-rate bonds are now expected to be delivered on or about Oct. 15, 2009. The 'AA+' rating reflects Nemours' significant increase in financial leverage following the financing of the children's hospital A children's hospital is a hospital which offers its services exclusively to children. The number of children's hospitals proliferated in the 20th century, as pediatric medical and surgical specialties separated from internal medicine and adult surgical specialties. and substantial resource base, which, albeit reduced and facing additional pressures, continues to provide the enterprise with financial flexibility. The 'F1+' rating reflects the availability of highly liquid, immediately available funds providing 2.3 times coverage of the series 2009C-1 and C-2 variable-rate demand obligations variable-rate demand obligation A floating-rate debt obligation that has a nominal long-term maturity as well as an option allowing the investor to put (sell) the obligation back to the trustee, generally at par plus accrued interest. supported by internal liquidity. For additional information, please see the new issue report dated Sept. 24, 2009 for The Nemours Foundation, available on the Fitch web site at www.fitchratings.com. Additional information is available at www.fitchratings.com. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP HTTP in full HyperText Transfer Protocol Standard application-level protocol used for exchanging files on the World Wide Web. 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